GOOG Sinks With MarketThere's no reprieve. Stocks are sinking today as mortgage rates fall to lowest levels in decades coupled with a recent spike in jobless claims. Stock specific catalysts for GOOG include continued Android and mobile traction; the release of Chrome operating system this fall; regained momentum in China; as well as progress in other newer initiatives (Google Me, gaming, etc.). The stock trades at approximately 13x Enterprise Value / EBIT, inexpensive relative to historical trading levels and the broader Internet group.

Data suggests that Google's third quarter U.S. paid clicks are tracking up 10% quarter-over-quarter through July. Gene Munster at Piper Jaffray is modeling down 1% for the third quarter which could prove conservative considering the strong start. He expects July could prove to be the strongest month of the quarter and believes data for future months could show paid clicks maintaining the 10% sequential growth figure. Gene notes that weakness in the display market constrains him from raising expectations. He maintains his Overweight rating and $623 price-target.

Lou Kerner at Wedbush Securities initiated coverage of Google with an Underperform rating and 12-month price-target $525 (that's still 9% upside, he really thinks the market will outperform that?). He believes the threats to the search giant from Facebook and the migration to a more competitive wireless search environment pose a large risk to its core business. He cites that Google's dominance in driving traffic is waning and while he is bullish on newer businesses (like Android), they are currently small in comparison to search.

Google Getting Static In Securing TV Content (The Wall Street Journal)Google TV, in theory, will allow people to watch and search cable, satellite and Web programming through TVs and set-top boxes (Sony and Logitech). Google has met with officials of TV networks (ABC, CBS, Fox and NBC), however content owners are skeptical that Google can provide a business model that would compensate for potentially cannibalizing their existing broadcast businesses. The company is likely to have more luck securing content from smaller online video sites eager to get their content promoted.

Google Games Web Store Coming To Chrome In October (eWeek)Google developers showed off the latest progress of the Chrome Web Store at the Games Developer Conference in Europe. The store will enable the roughly 70 million users of the Google's Chrome web browser to find and create shortcuts to web apps. Google will only collect a 5% processing fee and developers will reap the rest, making it more attractive to developers who give up 30% of their app sales to competitors like Apple.